New Delhi: When Commerce and Industry Minister Nirmala Sitharaman placed her written reply to a question on the table in Lok Sabha today, it became clear that India’s share in global trade, according to the World Trade Organisation, has hardly improved since the day the UPA government gave way to the NDA regime. In fact, on one of the parameters of exports, the performance has dipped slightly.
|India’s trade performance: Percentage share in world trade|
in world commercial services exports
in world merchandise plus services exports
Source: World Trade Organization
The dip in the country’s merchandise exports was registered despite the new government taking a slew of measures like introducing the Merchandise Exports from India Scheme (MEIS) under the Foreign Trade Policy (FTP) 2015-20 on 1 April 2015 with 4,914 tariff lines at 8 digit levels. The Government has extended the market coverage to all countries in respect of 7914 tariff lines. The revenue forgone under the MEIS has increased from Rs 22,000 Crore to Rs 23,500 crore per annum.
The government also launched the Services Exports from India Scheme (SEIS) in the FTP 2015-2020. The scheme provided rewards to service providers of notified services who are providing service from India.
The state is implementing the Niryat Bandhu Scheme with an objective to reach out to the new and potential exporters including exporters from Micro, Small & Medium Enterprises (MSMEs) and mentor them through orientation programmes, counseling sessions, individual facilitation, etc, on various aspects of foreign trade for being able to get into international trade and boost exports from India.
By way of trade facilitation and enhancing the ease of doing business, Government reduced the number of mandatory documents required for exports and imports to three each, which is comparable with international benchmarks. The trade community can file applications online for various trade related schemes. Online payment of application fees through Credit/Debit cards and electronic funds transfer from 53 Banks has been put in place.
The Interest Equalization Scheme on pre-shipment and post-shipment credit was launched to provide cheaper credit to exporters.
Further, the Government continues to provide the facility of access to duty-free raw materials and capital goods for exports through schemes like Advance Authorization, Duty-Free Import Authorisation, Export Promotion Capital Goods and drawback and refund of duties.